Environmental Economics for Sustaining Development: Framework and Tools for Researchers and Policy Makers

Abstract

Economics for managing our depleting resources and biodiversity is imperative part of development, more so since sustainable development has been placed on the prime platform for future sustenance of the planet. Sustainable development is at the heart of policy initiatives due to intensive awareness generated by environmentalists, pressure groups and programmes initiated by nations and world bodies. Economics has many theoretical and applied resources which should not be overlooked by either researchers or policy makers such as Tiebout’s voting with their feet, Heyes ‘IS-LM-EE’ analysis, various valuation approaches and the more commonly practiced assessment approach Environment Impact Assessment, Cost Benefit Analysis etc. This research paper explores the economics and sustainable development interface and generates the possibility of overlapping economic development and environment sustainability for an ecologically sustainable future. The paper focuses on economic theories meant to rescue researchers and policy makers moving on the fragile sustainable development path. The tools available with economics can help strengthen the development processes in a sustainable manner.